Union Bank plans quarterly capped return CDs on PowerShares Trust

By Jennifer Chiou

New York, Dec. 6 - Union Bank, NA plans to price 0% quarterly capped return market-linked certificates of deposit due Dec. 26, 2017 linked to the PowerShares QQQ Trust, series 1, according to a term sheet.

The payout at maturity will be par plus the sum of the fund's returns in each of the 16 quarters making up the life of the CDs, subject to a minimum return at maturity of 3%.

The return will be measured from the end of the immediately preceding quarter to the end of the current quarter. The return in each quarter can be positive or negative and will be subject to a cap of 3% to 4%, which will be set at pricing.

The CDs will be putable on any quarterly date after one year.

The CDs (Cusip: 90521AQA9) are expected to price on Dec. 20 and settle on Dec. 26.

UnionBanc Investment Services, LLC is the agent. Asset Management, Inc. and Incapital LLC are the distributors.

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